Azerbaijan, Baku, April 19 / Trend U.Ismayilova /
Professional appraisal services are in demand in Azerbaijan, Azerbaijan Society of Appraisers Chairman Ibrahim Guliyev said today.
Based on the law on valuation activity, only independent appraisers, who bear no relation to their clients, are allowed to carry out property assessments. Unfortunately, this principle is not always respected by appraisers in Azerbaijan, he said.
Guliyev said non-professional appraisers ask two or three times more than professionals, who also adhere to a code of ethics when making their assessments. This is a serious problem, he added.
According to the society's recommendations, the cost of assessing a one-room apartment should be around 70-80 manat, a two-room apartment around 90-100 manat, and a three-room apartment and private home around 120-150 manat. However, some non-professionals ask roughly 250 manat, Guliyev said.
He added that many banks in Azerbaijan have their own appraisers, which contradicts existing legislation.
Evaluation activity in Azerbaijan is governed by the law on valuation activity adopted in 1995.
The first phase of appraiser certification in Azerbaijan was held in March 2009. Three appraisers were certified. Four appraisers were certified within the second phase in June last year. The third stage of certification will be held April 21.
On April 19, the official exchange rate is 0.8035 manat to $1.
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